The Bouqs Company is a flower company that sends the freshest flowers from around the world. John Tabis pitches Shark Tank.
The Bouqs Company founder is from Pittsburgh
John Tabis born in Pittsburgh gets Mark Cuban's attention. The Bouqs Company has one price including shipping. They ship straight from eco-friendly farms located on the side of a volcano on the equator. You get the freshest stems.
The Bouqs Company is a concierge service and schedules deliveries up to a year in advance. They launched the company eleven months before coming on Shark Tank.
Sales for the Bouqs Company is $700,000 with almost no marketing budget. We learn that they have an option to double the skew for $10 more, and for another $10 customers can triple their order. His partner is on the Volcano at the time of the pitch.
Customer Aquisition cost is $13, with total spend on marketing at $70,000 and have 40-50% margin.
They have a six day delivery lead time at the time of the show, and for $10 more, they will launch overnight shipping. The overnight flowers will come from California.
The Bouqs Company gets the flowers to you four to five days after cutting and use a proprietary hydration system. Their roses last up to three weeks.
Company: The Bouqs Company
Entrepreneur: John Tabis
Ask: $258k for 3% equity
Companies in this episode: Angellift, Hangease, Susty Party
Season: Season 5 Episode 527
Sharks: Mark Cuban, Daymond John, Kevin O'Leary, Barbara Corcoran, Robert Herjavec
First Aired: 05/02/2014
Deal: No Deal
The Bouqs Company is asking for an $8.6 million evaluation. They started with $13,000. They did a seed round for $1.1 million at $5.2 million post-money.
What do the Shark Tank Investors say about The Bouqs Company
Mark Cuban doesn't like that they just did a seed round or the fact he is coming in at post-money. He does not want to be dumb money, so he is out.
Lori Greiner thinks the competition can do everything that this company is doing so she is out.
Kevin O'Leary wants to know why they are here for $258,000 when they just raised $1.1 million. Kevin thinks the multiple is crazy expensive. He believes the risk is the exit strategy. Kevin believes he died today, so he is out.
Barbara Corcoran believes the Bouqs Company is a terrible name, and she is out.
Robert Herjavec believes the number is such a small amount and he doesn't know if the competitive advantage is sustainable. He is out.
The Bouqs Company after Shark Tank
The Bouqs Company has days that they sell more than the one-million-dollars worth of flowers a day, and having their pitch on Shark Tank is likely a huge catalyst. So big, that the Sharks got another chance at a flower business and they jumped all over it. Bouquet Bar is the company ships flowers in custom designed gift packages.
Meanwhile, the Sharks often speak of how they had wished they got into The Bouqs Company deal.